Before the crash in 2022, SBF testified in Congress and said, “KYC should be mandatory for DeFi interfaces.” At the end of 2022, he was revealed to have defrauded his customers, and the Democrats’ war on crypto escalated. In his last years before resigning from his post, Gensler showed his hatred for DeFi protocols with “sanctions”. Today, the picture is completely different.
CFTC Phantom Announcement
CFTC With the announcement it just published, it was announced that Phantom will not be “obliged to register as a brokerage firm” due to its self-custodial service. With Trump taking office, crypto-friendly names were appointed to head the regulatory institutions, and all the supportive steps we have seen in the last 1.5 years, including today’s announcement, are related to the change in the stance of the USA.
“The Commodity Futures Trading Commission’s Market Participants Division announced today that it has a self-custodial crypto asset wallet announced that it had issued a “sanction avoidance” decision in response to a request from software developer Phantom Technologies Inc.
This attitude Phantom’s It relates to offering and marketing software for the purpose of facilitating the trading of its users with registered futures brokers, introducing brokers and designated contract markets. The notice states that, subject to certain conditions, MPD will not recommend that the Commission impose sanctions against Phantom or its relevant personnel solely for failure to register as a promoting broker or associated person of a promoting broker in relation to these activities.”
In summary solana We can say that the biggest wallet of the network can now breathe easy. This move also put other DeFi applications at ease.
